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Temporary Full Expensing Explained

temporary full expensing explained

With the end of financial year fast approaching, and the temporary full expensing scheme extended to 30 June 2023, now is the perfect time to understand what this scheme can do for your business. With this temporary measure, businesses are now able to immediately deduct the full cost of eligible assets. The Federal Government first

Tax Deductibility of COVID-19 Test Expenses

tax deductibility of covid-19 test expenses

Following much anticipation, the government declared that COVID 19 tests, including PCR and RATs (rapid antigen tests), will be tax deductible and free from FBT when acquired for business-related purposes. This is intended to apply in cases where an individual is expected to report to work or has the choice to work remotely. From 1

Super Changes from 1 July 2022

super changes from 1 july 2022

Here is a summary of the most significant changes in super that will likely affect small business owners and go into effect on July 1, 2022. Superannuation guarantee increase to 10.5% On July 1, 2022, the Superannuation Guarantee (SG) rate will increase from 10% to 10.5%. It will thereafter grow by 0.5% per year until

NSW Flood Support Payments 2022

NSW flood support payments

The flood recovery rental support payment assists NSW residents who are unable to live in their homes due to storms and floods in February and March 2022. The one-time payment of up to $18,000 will be used to assist pay for short-term lodging of 14 nights or more booked on or after 22 February, 2022.

STP reporting exemption extended for WPN holders

STP reporting exemption extended for WPN holders

The ATO has extended The Single Touch Payroll (‘STP’) reporting exemption to organisations that have a withholding payer number (‘WPN’). As a result, certain entities that don’t have an ABN (but have the WPN instead) will not be required to report under STP in the financial years 2021-22 and 2022-23. This extends the exemption that

Small Business Fees and Charges Rebate

Small Business Fees and Charges Rebate

Sole traders, a small business owners, or not-for-profit organisations in NSW may be eligible for a $3,000 small business fees and charges rebate. This refund aids businesses in recovering from the effects of COVID-19 and promotes growth by lowering operating costs. Businesses and not-for-profits that qualify for the rebate only need to apply once, but

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